Blackstone to Buy Data-Center Operator QTS Realty Trust for $6.7 Billion
07 Juin 2021 - 1:16PM
Dow Jones News
By Miriam Gottfried
Blackstone Group Inc. has struck a roughly $6.7 billion deal to
buy QTS Realty Trust Inc. and take the data-center operator
private.
The investment giant's infrastructure unit, Blackstone
Infrastructure Partners, together with its nontraded real-estate
investment trust, known as BREIT, have agreed to pay $78 a share
for QTS, the companies plan to announce Monday. The price
represents a 21% premium to QTS's closing share price Friday and a
24% premium to the volume-weighted average over the last 90
days.
Including the assumption of QTS's existing debt, the transaction
is valued at about $10 billion.
Based in Overland Park, Kansas, QTS is a real-estate investment
trust that owns more than 7 million square feet of data-center
space in 28 locations across North America and Europe. Its
customers include big software and social-media companies as well
as government entities that use the centers to securely store and
process data.
Blackstone's thematic approach to investing under President
Jonathan Gray has led it to plow more money into fast-growing areas
of the economy including technology companies and warehouses used
in e-commerce. Buying QTS will give it exposure to another hot
sector as data use continues to grow rapidly. The firm plans to own
the QTS platform for longer than the typical private-equity
investment and to continue to expand its capabilities and reach,
according to people familiar with the matter.
The infrastructure business and BREIT, a vehicle targeted at
moderately wealthy individuals, are what Blackstone calls
"perpetual" capital. That means they can hold assets indefinitely
and don't have to return capital to investors within a set period
like the typical private-equity or real-estate fund.
Write to Miriam Gottfried at Miriam.Gottfried@wsj.com
(END) Dow Jones Newswires
June 07, 2021 07:14 ET (11:14 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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